Press Releases
Marcus & Millichap Facilitates Sale of Manufactured Housing Community in Chapel Hill, North Carolina
January 14, 2025
CHAPEL HILL, N.C., Jan. 14, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Ridgewood MHC, a 60-unit manufactured housing community in Chapel Hill, North Carolina for an undisclosed price.
“This was a very fast closing in an extremely strong location,” said Glenn Esterson, first vice president investments. “The property was sold to a cash buyer in less than 30 days and closed without complications despite the tight timeline. This tenant-owned home community was sold at a sub-5% cap rate, with market rents, high occupancy, and private water and sewer systems. We are very grateful to the seller for giving us the opportunity to sell their park, and we thank the buyer for closing another great deal with us in North Carolina.”
Esterson, investment specialist in Marcus & Millichap’s Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller. Esterson and Casanova Womack from the firm’s Raleigh office procured the buyer, FG Communities.
Ridgewood MHC sits on 10 acres at 2000 Ridgewood Road, about 10 minutes from the University of North Carolina at Chapel Hill. Built in 1990, the community is 91% occupied and located in the Raleigh MSA.
“This was a very fast closing in an extremely strong location,” said Glenn Esterson, first vice president investments. “The property was sold to a cash buyer in less than 30 days and closed without complications despite the tight timeline. This tenant-owned home community was sold at a sub-5% cap rate, with market rents, high occupancy, and private water and sewer systems. We are very grateful to the seller for giving us the opportunity to sell their park, and we thank the buyer for closing another great deal with us in North Carolina.”
Esterson, investment specialist in Marcus & Millichap’s Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller. Esterson and Casanova Womack from the firm’s Raleigh office procured the buyer, FG Communities.
Ridgewood MHC sits on 10 acres at 2000 Ridgewood Road, about 10 minutes from the University of North Carolina at Chapel Hill. Built in 1990, the community is 91% occupied and located in the Raleigh MSA.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
